I Want to Know if Debt Settlement, Debt Consolidation, or Credit Counseling Work

“Dear Steve,

I owe $52,000 in credit card debt. I want to know if Debt Settlement, Debt Consolidation, Debt Counseling etc….Do any of them work?

I do not want to file for bankruptcy. I have not missed any payments but mostly minimum payments.

In the mail I get all kinds offers for Debt this and Debt that. It has been very stressful. According to these so called offers, it is going to take about 27 years to pay all my debt off.

I have also heard somewhere, that I can go talk to these banks myself to see if I can get a lower interest rate. Back to these offers, they claim to get me out of debt in 3-5 years. In your best opinion, are these people a scam?

I want to know if Debt Settlement, Counseling or Debt Consolidation are true or not?

In debt $52,000. Hope to hear from you. May the God of this universe Bless you and your family. thank you.


Dear Heron,

There is no way out without some pain. The key to dealing with the debt is to match the right solution to the specific situation.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

It would be a mistake however to exclude bankruptcy as an option until you knew more about it. It happens to be the only debt relief solution that is protected under the law. It is a Constitutional way to get a fresh start and second chance.

You ask if any of those solutions work and the answer is not clear. Many people are sold the wrong solution because they don’t realize that the debt relief person they are talking with is a salesperson and not a financial advisor.

I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.

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Then use the free How to Get Out of Debt Calculator to review your options.

Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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